Cindy Kelemen
Marketing Director
DO2 Technologies
ckelemen@do2.com
DO2 Technologies Inc., a software solutions company that optimizes financial and operational processes between energy companies and their suppliers, today announced that the current processing rate of spend through its OpenInvoice system has exceeded $2 billion per year.
DO2 Technologies experienced rapid growth in three major areas in 2003. The amount of spend processed more than tripled, invoice volume grew by five times and the supplier network increased by more than 1200 suppliers. The rise of these key areas demonstrates that users (operating companies and their suppliers) are realizing significant value and benefits from DO2's electronic invoicing solution.
DO2's OpenInvoice solution allows operating companies and their suppliers to transact business processes electronically. OpenInvoice automates paper-driven invoicing processes between suppliers and operating companies by automatically coding line items, tracking inquiries, resolving disputes and seamlessly linking spend information to corporate financial systems.
"DO2 Technologies is a proven leader in electronic invoicing," said Rod Munro, President and CEO, DO2 Technologies. "The $2 billion dollar mark is significant, as it demonstrates that electronic invoicing is a mainstream technology. Our customers save valuable time and resources by automating their invoicing process, and also by capturing and analyzing spend information leading to improved relationships with their key suppliers. The operating companies and their trading partners all benefit from the technology."
Munro continues, "Digital is primed to deliver even more value to our customers as more suppliers join our network each day. Additionally, many of our customers have seen as much as an 80% decrease in processing time and errors associated with the invoicing process."
DO2 Technologies delivers Internet-based solutions that automate and integrate financial and operational processes between energy companies and their suppliers. Our products simplify complex workflow processes and enable collaboration within and between organizations. Drilling, Production, Finance, Procurement, and Purchasing departments, as well as external service suppliers and partners all use DO2 Technologies solutions.
Cindy Kelemen
Marketing Director
DO2 Technologies Inc.
(713) 260-9693
ckelemen@do2.com
http://www.do2.com